For those of you who don't know, Dave Ramsey is holding a "Town Hall for Hope" event tomorrow night. Here's a summary of the event:
Tired of hearing the fear, doom and gloom that’s filling the airwaves? Join Dave Ramsey for a nationwide town hall meeting and discover what’s happening with the economy, how we got here, and where we’re going. Plus, Dave will answer your questions live throughout the event!
Join us for this free event April 23 at 8:00 p.m. EDT in one of the thousands of venues across the country as we stand together to reignite the fire of hope!
The details seem a bit sketchy, but it appears that Dave will be teaching from an Oklahoma church as well as answering questions from the crowd -- all designed to give people hope in these tough economic times. The event is then beamed all across the US (maybe world?) to churches, meeting halls, colleges, etc. If you want more details, you can get them here as well as review their frequently asked questions here.
The one thing they're missing -- you can't watch it on your computer. Our church is hosting the event, so I'll probably go there and watch it, but the event is on late (8 pm my time) and I'd much rather watch it online at home. Seems like that would be a simple solution and would expand the audience greatly, wouldn't it? Wonder why that isn't an option. Maybe the cost of broadcasting it?
Anyway, I give Dave Ramsey a ton of credit for doing this. Someone needs to offer the country hope and he is willing to take the time and effort to do so. Good for him.
Is anyone else going to/watching the event?
*Wonder why that isn't an option. Maybe the cost of broadcasting it?*
They have had some streaming issues with the existing churches, so I assume that's part of the issue. I think I read that this would be available on Fox Business sometime after the live broadcast, but I can't confirm.
Posted by: Joe | April 22, 2009 at 10:50 AM
I just RSVP'd to attend. It looks like it's sponsored by Lifechurch.tv so I wouldn't be surprised if you could watch it later on that website.
Posted by: Kimberly | April 22, 2009 at 10:56 AM
Unfortunately I live very far away :(.........maybe it will be broadcast online
Posted by: Personal Finance | April 22, 2009 at 10:59 AM
I plan on watching at least part of this broadcast - should be interesting.
Posted by: BigBoy | April 22, 2009 at 11:15 AM
I am going to attend the event at one of the local churches in my area. Although, he seems to be speaking out of both sides of his mouth lately. I hear him talk about how scary a time it is; he sees Marxism all over the place. He talks about government takeovers of everything and that he will shut down his business if the government comes in. He ended a segment by addressing the listeners as comrade. But then he turns around and says things like, "Don't listen to the hysteria" and "The media wants you to think the world is coming to an end." Come to the Town Hall for Hope and listen to real stories from real people who are succeeding and how we are going to be OK.
Posted by: Brian | April 22, 2009 at 11:17 AM
I am planning on watching it on Fox Business Channel. They weren't going to cover the question and answer period but have changed their plans. The initial number of hosts were going to be 500 but they are now at 6000 sites and the projections are for 1.2 million people watching.
Posted by: BobV | April 22, 2009 at 11:59 AM
I'm watching it from my church for sure!
Posted by: Wise Money Matters | April 22, 2009 at 12:33 PM
We're hosting it at our church, and in fact I'm testing the stream right now. Now they've announced the whole thing including the Q & A will be on Fox Business Network.
Posted by: Scott N. | April 22, 2009 at 01:31 PM
"discover what’s happening with the economy, how we got here, and where we’re going"
This is from a guy who recommended investing in stock market in 2007 and early 2008 promising it would provide 12% average return. Oh, and by the way, who doesn't even seem to understand a difference between average return and compound annual return since he used this 12% in his calculations as if it were compound annual return.
Why should I be interested in his opinion on the economy? He may be doing a lot of good and helping some math-challenged debt-ridden people, but he is hardly an expert on the economy. Having made money on book sales and having some advice on how to get out of debt hardly makes one an expert on the economy. I'd rather listen to people who have foreseen this crisis.
Posted by: kitty | April 22, 2009 at 01:55 PM
count me in...
Posted by: Free Family Finance | April 22, 2009 at 02:15 PM
My husband and I are going to one of the local churches and watch it. I think being with others who are in the same boat as you, or who are working through their touch financial times, helps others to have hope. Sometimes that is all we need is hope to bring us from the doldrums that we can find ourselves in.
Dave is a man who made millions, lost them, and made them again, but learned how to keep them along the way. He may not be for everyone and everything he says may not apply to you, but somethings will and if he helps one person he has paid his knowledge forward and hopefully that person will too and it will reach a large number of people.
As for listening to the people who have foreseen this crisis, I don't know if I want to listen to them because if they could foresee it, why didn't they do anything to prevent it? Just a thought. Dave seems to be an expert on HIS finances and will recommend that you talk to others to get the knowledge you need and the assistance you need to help yourself financially. As with any person you listen to, he has an opinion and you can agree with it or not agree. Your choice.
Posted by: Jennifer | April 22, 2009 at 02:20 PM
I was going to say: clearly some people really do benefit from taking his advice on their personal finance, so even if he's not to my taste, I wouldn't argue that he's not qualified to do that. But what in the world fits him to pontificate on the economy more than the next guy, or you or me? Where is he going to be producing this hope from?
Posted by: Sarah | April 22, 2009 at 02:22 PM
I will be at our church as one of the facilitators for the event. We are currently in the middle of his Financial Peace University cirriculum so this will dovetail nicely.
Posted by: finco86 | April 22, 2009 at 02:46 PM
I might look in on it. I've listened to his show and find him more credible than Suzy Orman, but that's really not saying much.
I also remember his stating to a caller last year that investing in the market would yield x% returns for the next 30 years, although I remember it as 8%. He didn't say anything about "past performance is not a guarantee of future results", or that returns would fluctuate, or that a portfolio should be diversified. I could tell that he was speaking in the context of historical averages but I wouldn't be surprised if some of his listeners would'nt understand that, based on the content of many of his calls.
But he does give good practical advice. I give the same advice when asked, but nobody is giving me a national platform. I guess Dave Ramsey is a little better at self-promotion:)
I also think there is a difference between predicting a crisis and actually being able to do anything about it. George Soros called it, and made a couple billion for himself in the process. I imagine a few other people listened to him and others. I wish I would have.
Posted by: rwh | April 22, 2009 at 03:29 PM
I would like to go but there isn't a place in my town that is hosting a site and I have chosen not to travel too far as I work the next day and need to get up early. I am hoping it is made available online later otherwise I will have to miss out on this one. I subscribe to his podcast ($90 a year) and was surprised when I heard him say he will not be offering it to us via the podcast either :(
Posted by: Amy | April 22, 2009 at 04:14 PM
I'm going and I can't flip'n wait. I'm currently teaching his course on an indian reservation. I hope my class can attend it will be a great pick me up!
Posted by: Travis | April 22, 2009 at 05:52 PM
We signed up to attend as well, and will be going to the same church that we went thru Financial Peace at.
We went thru Financial Peace just as the recession was just looming. I can't tell you how what we did then has enabled me to keep peace with what's going on now. Even in the last 2 months, I've paid of $4,000 more. If we were in the same position as we were then, I'd go crazy with worry.
Now, no matter what happends, we have the ability to maintain. So much that we're closing on a new house right now, and were able to do it in my name only, with 10% down, and there's still plenty of room in the house to income ratio. We've been "living like no one else" so that we can "live like no one else."
Can't wait to hear him again tomorrow.
Posted by: Kira | April 22, 2009 at 07:03 PM
Why should anyone care what Dave Ramsey thinks about the economy, what does he know, did he see the current crisis coming, no. Does he know how ways to get out of it, i'd definitely say no.
He advocates using managed/mutual funds to invest, and yet mutual funds either through index or active management are massive destroyers of wealth. This is simply due to the fact they most have a mandated investment structure, these mandated investment structures are crazy and do nothing for clients but continuously buy over priced assets time and time again, which will only serve to destroy peoples wealth.
Posted by: Matrung | April 22, 2009 at 07:45 PM
I'm attending tomorrow night. Several radio stations are broadcasting the audio, including 560 AM in Denver.
Posted by: Aggie CO | April 22, 2009 at 08:36 PM
On, and 560 will also stream the event on the Internet. Just browse to http://www.560thesource.com/ and click "Listen Live" at about 6pm CST.
Posted by: Aggie CO | April 22, 2009 at 08:37 PM
I'm laughing at the comments attacking Dave Ramsey's support of index funds and mutual funds. Matrung, what do you suggest as an alternative to "wealth destroying" index funds? Mason jars in the back yard? Gold?
Also, to kitty...do you really think Ramsey claims that stocks and mutual funds will yield 12% every year? He always stresses that investments are 10+ year creatures, and that historically speaking, good funds will average 8-12% returns per year over that time.
Since you think Dave Ramsey is ill-equipped to give us hope in this time, I'm waiting for your suggestion of someone who IS qualified.
Posted by: Trent D. | April 23, 2009 at 07:54 AM
@Trent D."and that historically speaking, good funds will average 8-12% returns per year over that time"
Trent, average is meaningless. If your fund goes up by 20% than drops by 10%, your average return is 10%, yet your real return is $0. But historically over long time even compound returns on the market were good, but there were 10 year periods where the market went nowhere. There were 10 year periods when bonds outperformed stocks. Go 10 years back and calculate what kind of a return you need within next 10 years to get the equivalent of compound annual return of 8-12% for the 20 year period starting in 1999. Think whether it is realistic. You have to pay attention to the economy and not to invest blindly into mutual funds. But even if I believe in market, one should not realize that a) markets are risky b) past performance is no guarantee of future results c) if you invest in stocks you should pay attention to what is happening in the economy and not just forget d) you should feel comfortable with your decision. If your risk tolerance is low or if because of your age and family circumstances you cannot afford to lose money, you shouldn't invest in stocks. Has Dave ever said that past performance is no guarantee of future results? Has he ever warned people that if their risk tolerance is low or if they are older then maybe they shouldn't have that much in the market?
As to foreseeing this crisis, I have friends who managed to preserve most of their money: one sold everything in 2006 and invested in gold and short funds (a little early but still better than later), another warned me in December of 2007 that he feels everything is going to crash and he is out; yet another moved his 401K in stable value in summer of 2008. The first two of these friends did tell me about what they did before they did so. I was too greedy, had my eyes of getting my then-seven digit net worth to be so without my home equity... At least I kept 40% of my money outside of the market, so my losses are around 20%, which is unpleasant but is still a whole lot better than what most people did.
Nobody really knows where the stock market is going now. There are still problems in the economy, there are potential losses in commercial real estate and credit cards. There is also ample money supply which is bound to have effect. There are a number of economists that warned us about the crisis. Some of them are still bearish, some or not. There is a good chance it'll be considerably higher 10 years from now, there is risk it will not be.
At any rate, Dave Ramsey is not an expert in either the economy or investments. He made money not on the market but on selling his books and advising people on how to get out of debt. So how is his opinion any better than yours or mine?
Posted by: kitty | April 23, 2009 at 12:28 PM
Wasn't planning to go, but now tagging (or being dragged) along with a friend. Since I listen to his show daily on the radio, i'm not sure what new he will have to say that I haven't heard him say already. Hoping it's worthwhile.
Posted by: Christy | April 23, 2009 at 01:59 PM